CBEX returns, clears old users’ transaction history
Despite facing allegations of defrauding Nigerians of over N1.3 billion and a crackdown by anti-corruption agencies, the digital trading platform Crypto Bridge Exchange (CBEX) has resumed operations, reportedly clearing the transaction histories of its previous users.
In messages shared within the CBEX user group on Thursday, the scheme—also known by its corporate identities ST Technologies International Ltd and Smart Treasure/Super Technology—has pledged renewed commitment to users and outlined compensation plans, despite ongoing controversy surrounding its shutdown and fraud accusations.
One of the messages reads, “ST has consistently faced various challenges head-on, formulating specific action plans and timelines to mitigate losses for every user. At the same time, new policies have been introduced to swiftly respond to market changes, ensuring the shared goal of mutual benefit for ST, CBEX, and users.”
To address the concerns of long-time users affected by the platform’s previous inactivity, the platform stated that it has extended the account verification period until June 25.
“For existing users, ST has extended the account verification period for old users until June 25th. This allows those who have not yet raised the necessary funds for verification or have been affected by rumours ample time to receive compensation from the ST fund.”
The messages detailed the process of verification and compensation, which, according to the platform, includes depositing $100 for accounts with balances up to $1,000, and $200 for accounts exceeding that amount.
“After the recharge is completed, the affected account will receive the corresponding compensation funds within 1 to 24 hours.”
The platform added that accounts that complete the process and receive compensation are expected to begin withdrawing 50 per cent of their principal losses after June 25, with a timeline extending to October for full access to funds.
“Accounts that complete verification and receive compensation from the ST fund by 25th June can withdraw 50% of their principal losses after 25th June. After 25th August: The remaining 50% of the principal losses can be withdrawn. After 25th October: After the 25th of each month, each account can withdraw 30% of its account balance as profit.”
“New users who join after April 21 can withdraw their principal and earnings at any time without any restrictions, as long as they meet the required trading volume.”
The update also announced the launch of a new sub-account feature and relaxed bonus withdrawal terms.
“ST also introduced a sub-account feature, allowing everyone to have 2 accounts for profit after completing verification. Which means you can participate in trade with greater flexibility.
“Additionally, any bonuses earned by new members you invite, as well as dividends after upgrading to VIP status, can be quickly withdrawn without the need to meet any trading volume requirements, enabling your efforts to translate into earnings more swiftly.”
Investigations revealed that the platform had also cleared all transactions of its old users, leaving their accounts blank.
This development follows a series of public notices issued by the EFCC, declaring several individuals wanted in connection with the CBEX fraud.
CBEX, an online investment platform, has been at the centre of a multi-billion-naira fraud scandal for the past few days after disappearing with funds belonging to thousands of Nigerians.
The scheme had lured investors with promises of high returns on digital asset trades before going offline without warning.
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